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MVB Bank Launches MVB Edge Ventures
Subsidiary to Provide Oversight, Alignment and Structure for MVB’s Tech Company Initiatives FAIRMONT, W.Va.--(BUSINESS WIRE)-- MVB Bank, Inc. (“MVB Bank,”
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[{"type":"text","content":"\nSubsidiary to Provide Oversight, Alignment and Structure for MVB’s Tech Company Initiatives\n\n FAIRMONT, W.Va.--(BUSINESS WIRE)--\nMVB Bank, Inc. (“MVB Bank,” “MVB”) today announced the formation of a new wholly-owned subsidiary, MVB Edge Ventures.\n\nBased on a private equity fund model, MVB Edge Ventures provides management oversight, alignment and structure for MVB’s technology investments and allocates resources to help incubate technologies developed by MVB. Three companies now fall under the MVB Edge Ventures structure: Victor Technologies, Inc. (“Victor”); MVB Technology, LLC (“GRAND”); and Flexia Payments, LLC (“Flexia”).\n\n“With the launch of MVB Edge Ventures, MVB continues to set ourselves apart from the pack on the financial frontier. We don’t just bank Fintech companies, we also create, develop and invest in them. The three new businesses under the new MVB Edge Ventures umbrella already have significant traction,” said Larry F. Mazza, President, CEO, MVB Financial.\n\nMVB created the Victor platform to make it faster and easier to launch and scale a broad spectrum of Fintech solutions for the Gaming, Payments, Banking-as-a-Service and Digital Asset sectors. Fintech developers can build solutions to manage and move money in a matter of weeks with developer-friendly APIs. Banks can onboard and manage more programs with Victor’s tailored due diligence, risk assessment and oversight workflow tools. Recognizing the complexity of the Fintech ecosystem, Victor also supports seamless integration with a proven network of value-added technology and service providers.\n\n“Victor has a tremendous amount of demand for simple, secure and developer-friendly APIs for money movement and managing accounts. We expect to go live with our first client this quarter and have a growing implementation pipeline,” said Matt West, President, MVB Edge Ventures.\n\nMVB holds a majority interest in Flexia, a prepaid card platform for land-based casinos to facilitate the move to a totally cashless casino floor. The Las Vegas-based Fintech company provides users with access to a reloadable account that combines a debit account and casino gaming accounts into one card, allowing for non-cash transactions at participating casinos. This acquisition continues to advance MVB’s relationships within the Gaming industry.\n\nGRAND provides cheaper, faste...